The home selling process: An overview
When going into the process of selling your home, it is good to consider several factors that can have a strong impact on achieving the best deal in the quickest time.
Find a local realtor
Even within the luxury market niche, it is necessary to look for professional guidance from a local realtor. It is not just about understanding local formalities and landscape; it is also about having connections within the community who can help with negotiations. Consider someone who has handled multiple sales of high-end properties, knows how to counter arguments for discounts, and can even upsell.
Their access to comparable unlisted choices also means they are in a better position to give advice on setting the listing price. If you prefer to remain discreet about the sale yourself, they can also keep it unlisted and still find you qualified buyers.
To find a good realtor, start with personal references from property owners in the locale of your preferred property. Find out their experiences then go online to research on these referred individuals. Call them up to discuss your interest to get a feel of their expertise and amiability. Start with a licensed realtor with a strong recent sales record. For luxury home sellers, hiring a realtor also means they can avoid having an open house and instead, let the buyers make appointments to view.
Make your home presentable
If you’re thinking of how to get your home ready to sell, then home staging is the key. If the house is vacant, it should be furnished for a homier feel. For a good idea on how to do it, think of how elegant and comfortable – yet impersonal – luxury hotel rooms are. That way, buyers can envision themselves living in that space.
If the property is owner-occupied or you intend to sell it furnished, be sure to clean up well and put away any distinct or personal effects. A Star Trek memorabilia collection and family photos may spark joy to you but not to potential buyers.
If you do not already have one, ask for your realtor’s help in finding a good handyman to do home repairs. Damaged tiles, leaky pipes, and shoddy paintwork can negatively change how people view the property.
If it is within your budget, also consider making updates that can make your property stand out. Some of the most popular renovations or additions in the luxury market include wine cellars, swimming pools, outdoor kitchens, home gyms, and home theaters. Your realtor can also tell if the kitchen and bathrooms are outdated and in need of upgrading. Buyers put much focus on these two rooms during home viewings and their state can actually make or break a deal.
Feature the best views and the most attractive rooms in the house then use these as selling points in marketing materials. Again, ask your realtor to find a professional photographer who can produce the highest quality images. Virtual tours and drone shots work well in giving prospective buyers a full view of the property.
Setting the right list price
It may seem counter-intuitive, but sometimes, setting a price lower than average market rates can help in getting more buyers’ attention and result in a hot bidding competition. Nevertheless, take the advice of your realtor when setting a price since they are the ones who research sales data and engage with buyers directly. This places them in a good position to know how much buyers would be willing to offer for a property like yours.
Pre-screening potential buyers
In this segment of the market, it is very easy to attract home window-shoppers with no intention or ability to buy your property. Open houses can turn into a nightmare and you may find your home being used as a backdrop for Instagram selfies. Have your realtor pre-screen potential buyers for only serious candidates. This can be done by requiring them to show proof that they can afford the property before setting appointments for visits.
Even for those at this end of the market, a discount or bonus is still appreciated. Offer to cover closing costs or throw in that glorious barbecue range or painting they saw during viewing. In the grand scale of things, these perks would amount to a minimal expense that can be outweighed by the offer made and accepted. Consult with your realtor to find out what caught the buyer’s attention during their viewing and see if you can afford to part with it.
Find the right buyers for your luxury home at the best terms with me, TD Smith. Our team has more than 40 years of industry and local knowledge to keep us ahead in Telluride luxury real estate. Call us at 970.729.1577 or email me at td(at)tdsmith(dotted)com to know more.
How to Make Your Luxury Property Stand Out in the Resale Market
In a place where people hold high standards when it comes to essential day-to-day needs, recreational opportunities, and personal lifestyles, selling real estate – even high-end luxury homes – can be a challenge. This helpful guide is written to help upscale property owners who are putting their homes on the market find the right buyers and the best offers to meet their real estate goals. The piece covers essential qualities to look for in a real estate agent, as well as professional stagers and photographers. It also identifies the right aspects of the home to highlight – from its unique features to the overall lifestyle that your property represents.
A home security system can be a big boost when selling your home. Many buyers will appreciate the added safety measure, as well as the savings they can get by not having to install a new system from scratch. They can also enjoy added benefits, such as getting a discount on home insurance premiums. However, arming your security alarm while your property is on the market can prove to be a nuisance, which may even cost you a sale. When determining how to get your home ready to sell, one of the questions to ask is, should you keep your security alarm on? We discuss the pros and cons here.